Home  >  Financial Articles and Q&A  >  I am 65 years old and understand I am needing to take out...

I am 65 years old and understand I am needing to take out some money out of my 401K before the age of 70?

Am I wise to move the money to a Roth IRA or similar account and how much per year can I move and not get hit with taxes

Jul 14, 2018 by Luther in  |  Flag
1 Answer  |  2 Followers
Follow Question
0 votes

At the age of 70.5 you will be required to take out your (RMD)Required Minimum Distribution. The RMD is as it says the minimum distribution. The RMD is taxable as income for the year you receive it and each year after that. Taking the funds out and placing them in a ROTH will create a taxable event. The tax will depend on your current income tax level for the year of transfer. I would suggest meeting with an adviser to discuss this in more detail as your complete financial picture needs to be understood to make a recommendation.

1 Comment   |  Flag   |  Jul 19, 2018

Testimony on how i received my loan at 2% ( Frank Loans Services )

I would without reservation recommend working with Frank Loan Services, If you are in the market for a home mortgage. I have spoke to many brokers while shopping for my mortgage loan online, From the first contact, I could tell he's the type of person I could trust to help me make the best decision for me and my family, They offer both short and long terms loan off within 1-50 years loan duration, with or without collateral but no credit check and their services are fast, Reliable and trustworthy because they have been tested and trusted by me unlike other companies.

Are you finding it hard to obtain capital service from local banks and other financial institutes? do you need funds to start up your personal business? Do you have a low credit score and you are finding it hard to get a loan because of your credit score worry no more because Frank Loans Services is here to help you pay off your bills and start a good business, they offer loans at a very affordable interest rate of 2% interested persons should kindly contact him via E-mail: k.frankloans@gmail.com Mobile: +1-713-389-6778.

Their services include Refinancing Loans, Truck Loans, Education Loans, Student loans, Personal Loans, Car Loans, Debt consolidation loans, Business Loans, secured and unsecured loan, Mortgage Loan, Home Loans, kindly contact them today for further inquiries via E-mail: k.frankloans@gmail.com Mobile: +1-713-389-6778.

Your Financial Satisfaction is there Aim and your working with them will be of a good experience, kindly contact them today for further inquiries if you are interested in loans via his E-mail: k.frankloans@gmail.com Mobile: +1-713-389-6778.

Flag |  Dec 16, 2019

1|600 characters needed characters left